Bluerock Residential Growth REIT, Inc. (NYSEMKT:BRG) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01
Assignment of Purchase and Sale Agreement for Hunter’s Creek and Metrowest
On September 15, 2017, Bluerock Residential Growth REIT, Inc. (the “Company”), through BR Hunters Creek, LLC (“BR Hunters Creek”) and BR Metrowest, LLC (“BR Metrowest”), indirect subsidiaries of the Company’s operating partnership, Bluerock Residential Holdings, LP (the “Operating Partnership”), entered into an Assignment of Purchase and Sale Agreement with Bluerock Real Estate, L.L.C. (“BRRE”), an affiliate of the Company, to which BRRE assigned to BR Hunters Creek and BR Metrowest a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) to acquire in fee simple a portfolio of two properties, a 532-unit apartment community located in Orlando, Florida, known as Arium Hunter’s Creek (“Hunter’s Creek”) from CH Realty VII – Carroll MF Orlando Hunter’s Creek, L.L.C., a Delaware limited liability company (“Hunter’s Creek Seller”), and a 510-unit apartment community located in Orlando, Florida, known as Arium at Metrowest (“Metrowest”) from CH Realty VII – Carroll MF Orlando Metrowest, L.L.C., a Delaware limited liability company (“Metrowest Seller”). Hunter’s Creek and Metrowest are collectively referred to as the “Arium Orlando Portfolio.” The purchase price for the Arium Orlando Portfolio is $183.5 million, subject to customary adjustments and prorations. The Company expects to invest approximately $66.7 million of equity in the Arium Orlando Portfolio.
The Purchase and Sale Agreement contains provisions, representations, warranties, covenants and indemnities that are customary and standard for the real estate industry. Unless the Purchase and Sale Agreement is previously terminated, the purchase of the Arium Orlando Portfolio will close on October 6th, 2017, subject to a one-time extension of up to 30 days for an additional earnest money deposit.
Certain statements included in this Current Report on Form 8-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements above include, but are not limited to, matters identified as expectations and matters with respect to the future acquisition of the Arium Orlando Portfolio. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding risks and uncertainties that may affect the Company’s future results, review the Company’s filings with the Securities and Exchange Commission.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
|10.1||Purchase and Sale Agreement by and between Bluerock Real Estate, L.L.C., CH Realty VII – Carroll MF Orlando Hunter’s Creek, L.L.C., and CH Realty VII – Carroll MF Orlando Metrowest, L.L.C., dated as of September 7, 2017.|
|10.2||Assignment of Purchase and Sale Agreement by and between Bluerock Real Estate, L.L.C. and Bluerock Residential Growth REIT, Inc., through its direct and indirect subsidiaries, BR Hunters Creek, LLC and BR Metrowest, LLC, dated as of September 15, 2017.|
Bluerock Residential Growth REIT, Inc. ExhibitEX-10.1 2 v475519_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 PURCHASE AND SALE AGREEMENT BETWEEN CH REALTY VII – CARROLL MF ORLANDO HUNTER’S CREEK,…To view the full exhibit click
About Bluerock Residential Growth REIT, Inc. (NYSEMKT:BRG)
Bluerock Residential Growth REIT, Inc. is a real estate investment trust. The Company’s business consists of investing in and operating multifamily communities. The Company operates through real estate assets segment. Its businesses are conducted through its operating partnership, Bluerock Residential Holdings, L.P. Its principal business objective is to generate risk-adjusted investment returns by assembling a portfolio of apartment properties located in growth markets and by implementing its investment strategies to achieve sustainable long-term growth in both its funds from operations and net asset value. The Company’s portfolio consists of interests in over 20 properties (over 10 operating and approximately six development properties). Its other acquired properties include Springhouse, North Park Towers, Alexan CityCentre, ARIUM Grandewood, Alexan Southside Place, Cheshire Bridge, Sovereign, Flagler Village and Lake Boone Trail.